07:23 AM EDT, 07/22/2025 (MT Newswires) -- Eloro Resources ( ELRRF ) , which gained 12% and hit a 52-week high on Monday, said it made a US$1.5 million option payment to Empresa Minera Villegas, the title holder of the Iska Iska silver-tin polymetallic project in the Potosi Department in southern Bolivia, leaving a final cash payment of US$1.15 million due on Jan. 6, 2026.

Under the amended terms, the payment schedule for the aggregate US$10 million payment required for Eloro to earn a 100% interest in Iska Iska, includes a credit for the US$1.8 million incurred by the company in exploration expenditures on the adjacent Mina Casiterita property, which will be applied towards the Mina Casiterita / Mina Hoyada option agreement, as amended.

To earn a 100% interest in the Mina Casiterita / Mina Hoyada properties, the company has to make a cash payment of US$1.8 million within 12 months from the date on which the mining rights for Mina Casiterita and Mina Hoyada are duly obtained. Subject to all required regulatory approval, the company will also have to issue the titleholder 200,000 common shares of the company when the transfer of the properties is completed.